Taxi company 99 gets %100m injection from Japan’s Softbank

Valor International

Brazilian taxi company 99 received a $100 million injection from Japonese group Softbank. The amount complements its is C-series round, in which the company had already raised $100 million with China's Didi Chuxing and US fund Riverwood Capital. The total stake acquired was not disclosed and the transiction must be approved by the Administrative Council for Economic Defense (Cade). The $200 million fundraising round is the largest ever made by a startup in Latin Americam surpassing the $170 million raised by the retailer Netshoes in 2014. The proceeds will be spent to expand the private-transport service app 99 Pop, a competitor of Uber.